Nigeria is experiencing a significant disconnect between its robust external accounts and the performance of the naira. Despite recording a $7.54 billion current-account surplus in Q2 2026 and growing external reserves of $54.95 billion, the local currency has appreciated by only 0.28 percent. Analysts note that headline surplus figures do not equate to usable market liquidity, as export proceeds, remittances, and capital inflows are often retained offshore, offset by service deficits, or remain volatile portfolio investments. Furthermore, the IMF suggests the naira remains undervalued relative to economic fundamentals, citing a 25.6 percent gap in the real effective exchange rate. Ultimately, currency stability remains contingent on the reliable flow of foreign exchange into the domestic market rather than the total size of national earnings.

BusinessDay Senior Financial Analyst Modestus Anaesoronye has been named the winner of the 2026 PenCom Media Excellence Award in the Print Journalism category. The award, presented by the National Pension Commission (PenCom) at its annual media conference in Lagos, recognizes his significant contributions to pension industry reporting. Other winners included Chuks Okonta for online journalism and Ini John-Mekwa for broadcast. PenCom Director-General Omolola Oloworaran highlighted the importance of professional media coverage in promoting transparency and public participation in the Contributory Pension Scheme.

Airtel Mobile Commerce N.V., the subsidiary behind Airtel Money, has confirmed that its upcoming 7 billion dollar initial public offering (IPO) on the London Stock Exchange is restricted to retail investors resident and physically present in the United Kingdom. With an offer price of 1.96 pounds per share, the IPO excludes Nigerian-based investors from participating in the retail allocation. While this limits immediate participation, the company clarified that the restriction is based on jurisdictional securities regulations and the structure of the retail distribution, rather than a specific ban on Nigerian citizens. Admission to the London Main Market is expected on October 14, 2026.

The Nigerian Software Testing Qualifications Board (NGSTQB) is advocating for a risk-based enforcement approach regarding the National Information Technology Development Agency’s (NITDA) new mandatory software testing guidelines. While supporting the goal of enhancing digital security and reliability, industry experts warn that applying uniform testing requirements to all software could impose unnecessary compliance burdens. The NGSTQB suggests that while basic quality standards should apply broadly, more rigorous and expensive certification processes should be reserved for critical infrastructure—such as financial payment switches and identity platforms—where system failure poses significant national or financial risk. NITDA’s framework, introduced in April 2026, requires all software deployed in Nigeria to undergo certified functional and non-functional testing, a shift that professionals argue should be implemented proportionately to ensure digital trust without stifling smaller developers.

Argentina has unveiled a new citizenship-by-investment programme, offering foreign nationals a route to citizenship through financial contributions to the national treasury or government bond investments. Beginning in the fourth quarter of 2026, the scheme requires a $350,000 contribution to the treasury or an $800,000 investment in government bonds. President Javier Milei’s administration designed the initiative to attract foreign capital and boost dollar inflows. Applicants will face rigorous background and security screening, with additional fees required for qualifying family members. The programme aims to serve as a key channel for selling Argentina to global investors.

A prosecution witness in the trial of former Taraba State Governor Darius Ishaku has testified that over N700 million in local government funds were funneled into a private corporate account before being withdrawn as cash for senior state officials. Taiwo Jones, a former assistant cashier at the Taraba State Bureau of Local Government Affairs, told the Federal Capital Territory High Court that the funds were moved through the United Bank for Africa (UBA) account of P3 Cornerstone Nigeria Limited between 2019 and 2021. Ishaku and former Permanent Secretary Bello Yero are currently facing a 15-count charge from the EFCC, involving the alleged misappropriation of N27 billion. Both defendants maintain their innocence.

The Federal Government and the Lagos State Government have established a partnership to launch the 24/7 Energy Zones pilot, an initiative aimed at providing uninterrupted electricity to commercial and industrial hubs. Approved by President Bola Tinubu, the project will begin in Lagos before expanding to the Abuja-Kaduna-Kano and Enugu-Port Harcourt corridors. Minister of Power Joseph Tegbe and Lagos State Governor Babajide Sanwo-Olu have formed a Joint Technical Committee to facilitate the initiative, focusing on grid stabilization, market liquidity, and regulatory harmony to create a competitive electricity market.

Peoples Democratic Party governorship candidate for Ebonyi State, Ifeanyi Chukwuma Odii, has unveiled his Anyi G’emeya development agenda ahead of the 2027 elections. The plan centers on transforming the state’s economy through agribusiness industrialisation, human capital development, and infrastructure improvements. Odii proposes establishing skills acquisition centres, providing free education in critical sectors, and creating industrial clusters to attract private investment and reduce dependence on government-led employment. The strategy aims to leverage the state’s natural resources and agricultural potential to foster wealth creation and sustainable job growth.

Custodian Asset Management Limited (CAML), a subsidiary of Custodian Investment Plc, has officially commenced operations with the launch of its inaugural N20 billion Money Market Fund. The fund, consisting of 20 billion units priced at N1 each, aims to provide investors with high-quality, short-term investment instruments focusing on capital preservation and liquidity. The launch was formalized at a signing ceremony in Lagos, attended by key regulatory and professional advisers. Licensed by the Securities and Exchange Commission, CAML intends to leverage the parent company’s group infrastructure to expand its presence in the Nigerian investment management market.

UAC of Nigeria Plc is intensifying its portfolio restructuring, focusing on debt reduction and capital efficiency. Following its recent expansion via the C.H.I. Limited acquisition, the conglomerate is divesting non-core or capital-intensive assets, including its 73.29% stake in Livestock Feeds Plc for N19.5 billion and its 43% holding in MDS Logistics. While these disposals provide liquidity, the primary objective is to manage the company’s elevated debt burden, which stood at N307 billion in gross borrowings as of June 2026. Management is prioritizing the consolidation of its core food, beverage, and paints businesses, aiming to improve margins and return on invested capital by shedding operations that require heavy working-capital commitments.

Kenyan investors can now participate in the $1.6 billion initial public offering of Dangote Petroleum Refinery & Petrochemicals via a global depository receipt (GDR) structure. Kenya’s Capital Markets Authority has approved Renaissance Capital Kenya to manage the offering, allowing Kenyan investors to gain exposure to the Nigerian refinery ahead of the IPO’s October 13 closing date. This cross-border arrangement facilitates investment through GDRs, which will subsequently be listed on the Nairobi Securities Exchange, subject to final regulatory approvals in both jurisdictions. The initiative aims to broaden the refinery’s investor base while positioning Kenya as a regional hub for cross-border capital raising. Note that this offering is limited to the Nigerian refinery and does not include the planned project in Lamu County, Kenya.

Nigerian Exchange Group (NGX Group) has reinforced its role as a critical pillar for national economic development, leveraging its 66-year history to facilitate record capital mobilization. In 2025 alone, the exchange facilitated N6.49 trillion in capital raising. Between January and September 2026, the Federal Government secured N10.84 trillion through FGN bonds, while corporate listings added N2.76 trillion. Group Managing Director Temi Popoola highlighted that the focus has shifted toward building digital infrastructure—notably through the NGX Invest platform—to enhance market depth, increase retail participation, and support the country’s long-term industrial and economic ambitions. Recent improvements, including the transition to a T+1 settlement cycle and re-inclusion in the FTSE Russell Frontier Market index, underscore the group’s efforts to align with global standards and deepen Nigeria’s capital market.

Nigeria has emerged as the biggest climber in Bloomberg Economics’ 2026 Investment Risk-O-Meter, rising four places to secure the eighth position among Africa’s most investable markets. This improvement follows the implementation of significant structural reforms, including the removal of petrol subsidies and the transition to a market-driven foreign exchange regime. According to the report, Nigeria’s ranking benefited from stronger performances in economic strength, fiscal stability, and external vulnerability metrics. While the reforms have driven faster GDP growth and improved external reserves, the report highlights that persistent challenges, such as weak infrastructure and institutional constraints, remain key focus areas. Nigeria’s ascent moves it ahead of regional competitors including Kenya, Rwanda, Tanzania, and Namibia, with Mauritius currently holding the top spot in the index.

The Federal Government, in collaboration with the World Bank, has expanded the Livestock Productivity and Resilience Support Project (L-PRES) to 10 additional states. The initiative aims to enhance livestock productivity, bolster resilience, and strengthen value chains across the country. According to the Ministry of Livestock Development, this expansion supports broader government reforms intended to modernize the sector, improve export potential—targeting a $3.2 billion market—and establish data-driven planning through the National Livestock Information Management System. The project now operates in 19 states, with a focus on improving animal health, infrastructure, and commercial opportunities.

The Aliko Dangote Foundation (ADF) has launched a Share Grant Initiative to support Nigerian tertiary students participating in the ongoing Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO). Eligible undergraduate students who subscribe for at least 10 shares through the dedicated student channel may receive an additional 10 shares funded by the Foundation.

The IPO, which is priced at N525 per share, requires a minimum investment of N5,250. The grant is capped at 10 additional shares per student, regardless of the total personal subscription. The Foundation clarified that its grant is not a guarantee of allotment, and participants must still meet standard regulatory Know Your Customer (KYC) requirements. The refinery’s public offer, which aims to raise N2.15 trillion, is scheduled to close on October 13, 2026.

The Nigerian banking system is projected to receive N13.25 trillion in liquidity inflows this October, a 14.82 percent decrease from the N15.56 trillion recorded in September. According to the Financial Markets Dealers Association, Open Market Operations (OMO) maturities will drive the bulk of this liquidity at N9.05 trillion. Other contributors include Treasury bill maturities at N1.22 trillion, FAAC allocations estimated at N2.5 trillion, and various bond coupons. This expected influx comes as the Central Bank of Nigeria continues to aggressively manage system liquidity through OMO sterilisation and CRR debits to counter volatility.

The Nigerian naira closed at N1,332.90 per dollar on October 5, 2026, marking a marginal depreciation from the N1,332 recorded on October 2. Despite the slight weakness, the currency has maintained relative stability, consistently trading around the N1,330 level as the new month begins. Trading activity remains uneven, with daily turnover figures fluctuating and total weekly foreign exchange market turnover recently recording a 35.41% decline to $1.70 billion.

Asharami Ghana has commissioned a 6,000-metric-tonne Liquefied Petroleum Gas (LPG) storage facility at the Tema Oil Jetty. The project, which is the first phase of a planned 12,000-metric-tonne terminal, expands Ghana’s LPG storage capacity by approximately 10 percent. Operated by Sahara Group, the fully automated facility aims to bolster regional energy security and support the country’s goal of achieving 50 percent LPG access by 2030. It features six loading bays and a dedicated 3.5-kilometre pipeline to ensure continuous supply and product availability.

Despite federal government efforts to promote Compressed Natural Gas (CNG) as a cheaper alternative to petrol, commuters have yet to experience a reduction in transport fares. According to Anne Obode, lead at Evrytn CNG, the anticipated cost savings are primarily absorbed by commercial drivers and operators to recover initial conversion investments and cover rising maintenance and operational costs. The lack of widespread CNG refueling infrastructure and the practice of collective fare setting by transport unions further prevent individual savings from being passed on to passengers. Drivers are currently prioritizing profit margins and recouping capital expenditure over lowering market prices for commuters.